KPMG Personalization

Notice of updates
!

Since the last time you logged in our privacy statement has been updated. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. You will not continue to receive KPMG subscriptions until you accept the changes.

Hi
!

Our privacy policy has been updated since the last time you logged in

We want to make sure you're kept up to date. Please take a moment to review these changes. You will not receive KPMG subscription messages until you agree to the new policy.

Related content

Summary

The requirements for the business or commercial rational for international transactions (generally adopting international standards of transfer pricing taxation)

A basis for the use of open-market pricing when applying comparable uncontrolled price method to open-market products (an option to calculate an arm's length price based on an open-market transaction price by adopting international standards of transfer pricing taxation)

Principles of the arm's length price for intangible asset transactions and for hard-to-value intangible assets

Changes that may affect the corporate income tax include:

Adding a compromise by a court and a compromise recommended by a court as reasons for a bad debt (thereby reducing a taxpayer's burden) by considering such as having the same effect as a final judgment

Revising the time for claiming a deduction for a fixed asset impairment loss (generally deductible not only in the business year when the damage or loss occurs but also in the business year when the damage or loss is confirmed)

Determining when a foreign organization or entity (for instance, a partnership) may be treated as a foreign corporation in order to tax the members of the organization and modifying the criteria for a determination of a foreign corporation

Among the changes with respect to the tax incentive limitation law are measures that concern:

A special tax provision for accelerated depreciation for capital expenditures

A system within the National Tax Service for advanced review of research and development (R&D) tax credits

The provisions with respect to value added tax (VAT) concern:

An extension of the due date for tax invoice receipts with respect to an input VAT deduction

Allowing an input VAT deduction when a tax invoice was erroneously filed or when there was an error in the determination of consignment sales

A revised taxable period with respect to a consolidated VAT payment

For individual income taxation, one change relates to an improved foreign tax credit regime, and for the tax procedure measures, there is a change that reduces the scope of secondary tax liability for an acquirer in a transaction.

Read a 2019 report [PDF 653 KB] prepared by the KPMG member firm in South Korea

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

The KPMG logo and name are trademarks of KPMG International.
KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.
The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.